Galen founder sold 700,000 shares

The founder of Galen Holdings sold 700,000 shares in the company on Friday, netting over €7m, according to the London Stock Exchange today.

Dr Allen McClay sold at stg £7.10 per share following confirmation that the company was in takeover talks with US drugmaker Barr Laboratories.

Galen confirmed today that preliminary talks with the New Jersey based firm had ended. The Craigavon-based firm has yet to state what the result of the talks is.

Shareholders were advised last week to take no further action until the company issued a further statement.